barrel_10k.htm

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.

Property and equipment

Property and equipment are carried at the cost of acquisition and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance is expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets.

Impairment of Long-Lived Assets

The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value.

Income Taxes

Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized.

The Company accounts for income taxes under the provisions of Financial Accounting Standards Board) Accounting Standards Codification 740, Accounting for Income Taxes. It prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As a result, the Company has applied a more-likely-than-not recognition threshold for all tax uncertainties. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities.

The Company classifies penalties and interest related to unrecognized tax benefits as income tax expense in the Statements of Operations.

Recent Accounting Pronouncements

Because the Company has been recently reorganized and has not yet transacted any business, the new accounting standards have no significant impact on the financial statements and related disclosures. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

Large Accelerated Filer	o	Accelerated Filer	o
Non-accelerated Filer	o	Smaller Reporting Company	x

Agreement	Lands/Rights	Assigned Working Interest (WI)	Encumbrances

P&NG Lease 124394A	T95 R15 W5M WSM: 11 Petroleum and natural gas to base of Gilwood formation	51%	Crown S/S royalty

P&NG Lease 124394A	T95 R15 W5M WSM: 13, 14 Petroleum and natural gas to base of Gilwood formation	51%	Crown S/S royalty 8% nonconvertible gross overriding royalty (GORR) on 51% of production (paid by Barrel Energy Inc)

P&NG Lease 0503120270	T95 R15 W5M WSM: 13, 14 Petroleum and natural gas to base of Gilwood formation	85% before payout (BPO) 51% after payout (APO)	Crown S/S royalty 12% convertible gross overriding royalty (GORR) on 85% of production (paid by Barrel Energy Inc)

Average		Average	Net Production
*Oil per BOE*	Gas per BOE*	Oil and Gas per BOE**	*Oil BOE's*	Gas BOE's*
0	0	0	0	0

# of Producing Wells		Gross/Net Developed		Gross/Net Developed
*Oil*	*Gas*	*Oil*	*Gas*	*Oil*	*Gas*
0	0	0 / 0	0 / 0	0	0 / 0

Name and Address	Age	Position(s)
Gurminder Sangha	36	President,
14890 66a Ave.		Chief Executive Officer,
Surrey, BC V3S 2W4 Canada		Director

Jurgen Wolf	79	Chief Financial Officer,
1206 - 588 Broughton St		Director
Vancouver, BC V6G 3E3

-	Lack of segregation of duties in financial reporting, as our financial reporting and all accounting functions are performed by our Chief Executive Officer. Our President does not possess accounting expertise and our company does not have an audit committee.

-	Lack of a formal review process that includes multiple levels of review, as all accounting and financial reporting functions are performed by our Chief Financial Officer and the work is not reviewed by anyone.

Name of Employer	Principal Business Activity	Principal Occupation	From				To
			M		Y		M		Y
Verona Development Corp	Oil & Gas Exploration	Director and Member of Audit Committee	0	2	1	0	PRESENT
Majestic Gold Corp	Precious Metals Exploration & Production	Director and Member of Audit Committee	0	4	1	0	0	3	1	3
Global Hunter Corp	Precious Metals Exploration	Director and Member of Audit Committee	0	4	1	0	0	8	1	4
Rockbridge Resources	Oil & Gas Exploration / Production	Director	1	2	1	3	PRESENT

Name	Years	Fees Earned Paid in Cash ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensatio ($)		Nonqualified Deferred Compensation Earnings ($)		All Other Compensatio ($)		Total ($)

Gurminder Sangha CEO,	2015		--		--		--		--		--		--		--
Director	2014		--		--		--		--		--		--		--
	2013		--		--		--		--		--		--		--
					--
Jurgen Wolf, CFO, Director	2015		--		--		--		--		--		--		--
	2014		--		--		--		--		--		--		--
	2013		--		--		--		--		--		--		--

Name and Address	Amount and Nature of Beneficial Ownership		Percentage of Class
Gurminder Sangha		10,000,000		100	%
All Officers and Directors as a group		10,000,000		100	%

	2015		2014
Audit fees	$	7,500	$	7,500
Audit related fees		-		-
Tax fees		-		-
All other fees		-		-

	Barrel Energy Inc., Registrant

	By:	/s/ Gurminder Sangha
		Gurminder Sangha,
		President, Principal Executive Officer and Director

	By:	/s/ Jurgen Wolf
		Jurgen Wolf
		Principal Financial Officer, Principal Accounting Officer and Director

/s/ Gurminder Sangha	Principal Executive Officer	December 29, 2015
Gurminder Sangha

/s/ Jurgen Wolf	Principal Financial Officer	December 29, 2015
Jurgen Wolf

Report of Independent Registered Public Accounting Firm		F-2

Balance Sheets as of September 30, 2015 and September 30, 2014		F-3

Statements of Operations and Comprehensive loss for the year ended September 30, 2015 and the period from January 27, 2014 (inception) to September 30, 2014		F-4

Statements of Changes in Stocholders' Deficit for the year ended September 30, 2015 and the period from January 27, 2014 (inception) through September 30, 2014		F-5

Statements of Cash Flows for the year ended September 30, 2015 and the period from January 27, 2014 (inception) through September 30, 2014		F-6

Notes to Financial Statements		F-7

	September 30, 2015			September 30, 2014

ASSETS
Current assets:
Cash and cash equivalents	$	455		$	1,770

Total current assets		455			1,770

Oil lease - unproved		44,738			53,772
Total assets	$	45,193		$	55,542

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accrued interest	$	7,762		$	1,084
Advances from shareholder		15,683			-
Convertible note – related party		2,088			-
Convertible notes		55,923			-
Total current liabilities		81,456			1,084

Long-term convertible note payable		16,742			67,215
Total liabilities		98,198			68,299

Stockholders' deficit:
Preferred stock, $0.001 par value, 5,000,000 authorized, zero issued and outstanding		-			-
Common stock, $0.001 par value, 70,000,000 authorized, 10,000,000 issued and outstanding		8,989			8,989
Accumulated other comprehensive income		5,500			395
Accumulated deficit		(67,494	)		(22,141	)
Total stockholders' deficit		(53,005	)		(12,757	)

Total liabilities and stockholders' deficit	$	45,193		$	55,542

	For the Year Ended September 30, 2015			Period From January 27, 2014 through September 30, 2014

Operating expenses:
General and administrative expense	$	37,274		$	20,208
Loss from operations		(37,274	)		(20,208	)

Other income (expense)
Interest expense		(7,510	)		(1,105	)
Currency loss		(569	)		(828	)
Total other income (expense)		(8,079	)		(1,933	)

Net loss	$	(45,353	)	$	(22,141	)

Foreign currency translation adjustment		5,105			395

Comprehensive loss		(40,248	)		(21,746	)

Net loss per common share, basic and diluted	$	(0.00	)	$	(0.00	)

Weighted average number of common shares outstanding, basic and diluted		10,000,000			10,000,000

					Additional					Other		Total
	Common Stock				Paid-In		Accumulative			Comprehensive		Stockholders'
	Shares		Amount		Capital		Deficit			Income		Deficit
Inception - January 27, 2014		-	$	-	$	-	$	-		$	-	$	-
Founder shares issued for cash		10,000,000		8,989		-		-			-		8,989
Change due to currency translation		-		-		-		-			395		395
Net loss		-		-		-		(22,141	)		-		(22,141	)

Balance - September 30, 2014		10,000,000	$	8,989	$	-	$	(22,141	)		395	$	(12,757	)
Change due to currency translation		-		-		-		-			5,105		5,105
Net loss		-		-		-		(45,353	)		-		(45,353	)

Balance - September 30, 2015		10,000,000	$	8,989	$	-	$	(67,494	)	$	5,500	$	(53,005	)

	For the Year Ended September 30, 2015			For Period From January 27, 2014 through September 30, 2014

Cash flows from operating activities:
Net loss	$	(45,353	)	$	(22,141	)
Adjustments to reconcile net loss to net cash used in operating activities:

Changes in operating assets and liabilities:
Accrued interest		7,510			1,084
Net cash used in operating activities		(37,843	)		(21,057	)

Cash flows used in investing activities:
Investment in oil lease		-			(53,772	)
Net cash used in investing activities		-			(53,772	)

Cash flows from financing activities:
Proceeds from sale of common stock		-			8,989
Advances from related party		15,683			-
Proceeds from convertible note payable		16,742			67,215
Proceeds from convertible note payable – related party		2,088			-
Net cash provided by financing activities		34,513			76,204

Effects of currency translation		2,015			395

Net increase (decrease) in cash		(1,315	)		1,770
Cash – beginning of year		1,770			--
Cash – end of year	$	455		$	1,770

SUPPLEMENT DISCLOSURES:
Interest paid	$	-		$	-
Income taxes paid	$	-		$	-

	2015			2014
Net operating loss carry forward		23,623			7,749
Valuation allowance		(23,623	)		(7,749	)
Net deferred tax asset	$	-		$	-

1.	I has reviewed this annual report on Form 10-K of BARREL ENERGY, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements are made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and has:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	(a)	All significant deficiencies and material The weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who has a significant role in the registrant's internal control over financial reporting.

December 29, 2015	By:	/s/ Gurminder Sangha
		Gurminder Sangha Chief Executive Officer

	1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.


Dated : December 29, 2015	By:	/s/ Gurminder Sangha
		Gurminder Sangha Chief Executive Officer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Sep. 30, 2015	Dec. 29, 2015
Document And Entity Information
Entity Registrant Name	Barrel Energy Inc.
Entity Central Index Key	0001631463
Document Type	10-K
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding		10,110,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2015

BALANCE SHEETS - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Current assets:
Cash and cash equivalents	$ 455	$ 1,770
Total current assets	455	1,770
Oil lease - unproved	44,738	53,772
Total assets	45,193	55,542
Current liabilities:
Accrued interest	7,762	$ 1,084
Advance from shareholder	15,683
Convertible note - related party	2,088
Convertible notes	55,923
Total current liabilities	81,456	$ 1,084
Long-term convertible note payable	16,742	67,215
Total liabilities	$ 98,198	$ 68,299
Stockholders" equity (deficit):
Preferred stock, $0.001 par value, 5,000,000 authorized, zero issued and outstanding
Common stock, $0.001 par value, 70,000,000 authorized, 10,000,000 issued and outstanding	$ 8,989	$ 8,989
Accumulated other comprehensive income	5,500	395
Accumulated deficit	(67,494)	(22,141)
Total stockholders" deficit	(53,005)	(12,757)
Total liabilities and stockholders' deficit	$ 45,193	$ 55,542

BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Sep. 30, 2014
Stockholders" equity (deficit):
Common Stock, Par value	$ 0.001	$ 0.001
Common Stock, Authorized	70,000,000	70,000,000
Common Stock, Issued	10,000,000	10,000,000
Common Stock, Outstanding	10,000,000	10,000,000
Preferred stock, Par value	$ 0.001	$ 0.001
Preferred stock, Authorized	5,000,000	5,000,000
Preferred stock, Issued	0	0
Preferred stock, Outstanding	0	0

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	8 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2015
Operating expenses:
General and administrative expense	$ 20,208	$ 37,274
Loss from operations	(20,208)	(37,274)
Other income (expense)
Interest expense	(1,105)	(7,510)
Currency loss	(828)	(569)
Total other income (expense)	(1,933)	(8,079)
Net loss	(22,141)	(45,353)
Foreign currency translation adjustment	395	5,105
Comprehensive loss	$ (21,746)	$ (40,248)
Net loss per common share, basic and diluted	$ (0.00)	$ (0.00)
Weighted average number of common shares outstanding, basic and diluted	10,000,000	10,000,000

STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Accumulated Deficit	Other Comprehensive Income	Total
Beginning Balance, Amount at Jan. 27, 2014
Beginning Balance, Shares at Jan. 27, 2014
Founder shares issued for cash, Amount	$ 8,989			$ 8,989
Founder shares issued for cash, Shares	10,000,000
Change due to currency translation			$ 395	395
Net loss		$ (22,141)		(22,141)
Ending Balance, Amount at Sep. 30, 2014	$ 8,989	$ (22,141)	$ 395	(12,757)
Ending Balance, Shares at Sep. 30, 2014	10,000,000
Change due to currency translation			$ 5,105	5,105
Net loss		$ (45,353)		(45,353)
Ending Balance, Amount at Sep. 30, 2015	$ 8,989	$ (67,494)	$ 5,500	$ (53,005)
Ending Balance, Shares at Sep. 30, 2015	10,000,000

STATEMENTS OF CASH FLOWS - USD ($)	8 Months Ended	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2014	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (22,141)	$ (45,353)
Changes in operating assets and liabilities:
Accrued interest	1,084	7,510
Net cash used in operating activities	(21,057)	$ (37,843)
Cash flows used in investing activities:
Investment in oil lease	(53,772)
Net cash used in investing activities	(53,772)
Cash flows from financing activities:
Proceeds from sale of common stock	$ 8,989
Advances from related party		$ 15,683
Proceeds from convertible note payable	$ 67,215	16,742
Proceeds from convertible note payable - related party		2,088
Net cash provided by financing activities	$ 76,204	34,513
Effects of currency translation	395	2,015
Net increase (decrease) in cash	$ 1,770	(1,315)
Cash - beginning of year		1,770
Cash - end of year	$ 1,770	$ 455
SUPPLEMENT DISCLOSURES:
Interest paid
Income taxes paid

NATURE OF BUSINESS	12 Months Ended
NATURE OF BUSINESS	Sep. 30, 2015
Notes to Financial Statements
NOTE 1 - NATURE OF BUSINESS	Barrel Energy Inc (Barrel) was incorporated on January 27, 2014 under the laws of the State of Nevada. The Company was formed to invest in producing oil and gas properties. On September 26, 2014 the Company leased an unproven oil and gas property in the province of Alberta, Canada.

GOING CONCERN	12 Months Ended
GOING CONCERN	Sep. 30, 2015
Notes to Financial Statements
NOTE 3 - GOING CONCERN	The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company, as shown in the accompanying balance sheets,has total assets of $45,193 and an accumulated deficit of $67,494 as of September 30, 2015 and an accumulated deficit of $22,141 from inception through September 30, 2014. The Company has not established any source of revenue to cover its operating costs. These factors raise substantial doubt about the company's ability to continue as a going concern. The Company will engage in very limited activities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.

OIL AND GAS LEASE	12 Months Ended
OIL AND GAS LEASE	Sep. 30, 2015
Notes to Financial Statements
NOTE 6 - OIL AND GAS LEASE	On September 26, 2014 the Company purchased a producing oil property lease for USD $45,738 (CAD $60,000) in the province of Alberta, Canada. The lease consists of land and rights leases T95 R15 W5M 11,13,14,15 for well Invasion Elm Bison 10-15-95-15W5M. The working interest is 51% of net production. As of September 30, 2015, the property had not recorded any production and its reserves were unproven.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2015
Notes to Financial Statements
NOTE 9 - SUBSEQUENT EVENTS	On December 11, 2015 the Company issued 10,000 shares of common stock to one unrelated individual valued at $250 ($0.025 per share) for cash. On December 15, 2015 the Company issued 100,000 shares of common stock to one unrelated individual at $2,500 ($0.025 per share) for cash.

ACCOUNTING POLICIES (Policies)	12 Months Ended
ACCOUNTING POLICIES (Policies)	Sep. 30, 2015
Accounting Policies Policies
Accounting Method	The Company's financial statements are prepared using the accrual method of accounting. The Company has elected a fiscal year ending on September 30.
Cash and Cash Equivalents	The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Oil and Gas Policy	The Company is in the process of exploring its unproved oil and natural gas properties and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of amounts shown for oil and natural gas properties is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying oil and gas leases, the ability of the Company to obtain necessary financing to complete their exploration and development and future profitable production or sufficient proceeds from the disposition thereof. The Company is, therefore, unable to estimate when these costs will be included in the amortization computation. The Company uses the successful efforts method in accounting for it oil and gas properties. Unproven oil and natural gas properties are reviewed on an annual basis for impairment.
Property and equipment	Property and equipment are carried at the cost of acquisition and depreciated over the estimated useful lives of the assets. Costs associated with repair and maintenance is expensed as incurred. Costs associated with improvements which extend the life, increase the capacity or improve the efficiency of our property and equipment are capitalized and depreciated over the remaining life of the related asset. Gains and losses on dispositions of equipment are reflected in operations. Depreciation is provided using the straight-line method over the estimated useful lives of the assets.
Foreign currency translation	The Company's functional currency is in Canadian Dollars (CAD) dollars and reporting currency is in U.S. dollars. The financial statements of the Company are translated to U.S. dollars in accordance with SFAS No. 52, "Foreign Currency Translation". Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Impairment of Long-Lived Assets	The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value.
Estimates and Assumptions	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The Company's significant estimates include the fair value of common stock issued for services. Actual results could differ from those estimates.
Income Taxes	Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for income taxes under the provisions of Financial Accounting Standards Board) Accounting Standards Codification 740, Accounting for Income Taxes. It prescribes a recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As a result, the Company has applied a more-likely-than-not recognition threshold for all tax uncertainties. The guidance only allows the recognition of those tax benefits that have a greater than 50% likelihood of being sustained upon examination by the various taxing authorities. The Company classifies penalties and interest related to unrecognized tax benefits as income tax expense in the Statements of Operations.
Basic and diluted net loss per share	Basic and diluted net loss per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. Diluted loss per share calculations include the dilutive effect of common stock. Basic and diluted net loss per share is the same due to the absence of common stock equivalents.
Recent Accounting Pronouncements	Because the Company has been recently reorganized and has not yet transacted any business, the new accounting standards have no significant impact on the financial statements and related disclosures. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.